| Mon 14 Apr 2008, 17:00 | | BVT - Bidvest - Results Of The Bidvest Scheme Meet |
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BVT
BVT
BVT - Bidvest - Results Of The Bidvest Scheme Meeting And General Meeting
THE BIDVEST GROUP LIMITED
Registration number 1946/021180/06)
Share code: BVT & ISIN ZAE000050449
("Bidvest" or "the Company")
RESULTS OF THE BIDVEST SCHEME MEETING AND GENERAL MEETING
1. INTRODUCTION
Further to the joint announcement published by Bidvest on the Securities
Exchange News Service ("SENS") of the JSE Limited ("JSE") on 20 March 2008, in
terms of which shareholders were advised that Bidvest wished to make an interim
cash distribution by way of a pro rata share buy back, whereby Bidvest and its
wholly owned subsidiary, BB Investment Company (Proprietary) Limited ("BB
Investment Company"), will acquire, in terms of section 89 of the Companies Act,
1973, as amended, ("the Act"), a pro rata portion of the company`s shares in
issue, other than shares held by BB Investment Company ("the excluded
shareholder") by way of a scheme of arrangement in terms of section 311 of the
Act ("the scheme"), Bidvest would like to advise shareholders that:
i) The scheme has been approved by 98.7% of the votes exercised by the scheme
members present in person, by proxy or represented at the scheme meeting held on
Monday, 14 April 2008. Application will be made to the High Court of South
Africa (Witwatersrand Local Division) ("the Court") on Tuesday, 22 April 2008 at
10:00 or as soon thereafter as Counsel may be heard for an order sanctioning the
scheme. The Court is located in the High Court Building, von Brandis Square,
corner Pritchard and von Brandis Streets, Johannesburg. A further announcement
regarding the outcome of the application to the Court will be published on or
about Tuesday, 22 April 2008.
ii) At the general meeting held on Monday, 14 April 2008, Bidvest shareholders
passed the special resolution authorising the acquisition by BB Investment
Company of Bidvest ordinary shares in terms of the scheme; and the ordinary
resolution authorising that any director of the Company or the company secretary
be and is hereby authorised to do all such things and sign all such documents as
may be required to give effect to the special resolution. The special resolution
will be lodged with the Registrar for registration.
2. CONDITIONS PRECEDENT
If the Court sanctions the scheme, the only remaining conditions precedent will
be the registration by the Registrar of Companies of the Order of Court
sanctioning the scheme.
3.SCHEME CHAIRMAN`S REPORT
Copies of the Scheme Chairman`s report on the scheme meeting will be available
on request from Bidvest House, 18 Crescent Drive, Melrose Arch, Melrose during
normal business hours from the company secretary of Bidvest at its registered
office at Bidvest House, 18 Crescent Drive, Melrose Arch, Melrose or from the
office of the transfer secretaries, Link Market Services South Africa (Pty)
Limited at 11 Diagonal Street, Johannesburg..
4. FURTHER ANNOUNCEMENT
A further announcement regarding the outcome of the application to the Court,
and the final salient dates and times of the scheme will be made to shareholders
in due course.
Johannesburg
14 April 2008
Sponsor
Investec Bank Limited
Joint sponsor
Deutsche Securities
Date: 14/04/2008 17:00:25 Produced by the JSE SENS Department.
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